Italy news: Italian Prime Minister Giuseppe Conte (Image: GETTY) It comes after a turbulent few months for the Italian economy, during which the nation slipped into recession in the second half of 2018 amid a bitter spat with European Union chiefs over its budget. Il Sole 24 Ore daily reported on Wednesday that the Italian government is revising its GDP growth estimate for 2019 to 0.1, but is hopeful a planned growth boosting package may lift this estimate to 0.2 percent. The publication went on to report the Government is targeting a deficit of 2.3 percent of GDP, from a projected 2.04 percent previously forecast in the budget. At the same time, Italian industry lobby Confindustria cut its forecast for GDP to zero from a previous 0.9 percent estimate. Related articles Italy sinks into RECESSION: Rome economy SHRINKS for second session Italy CRISIS deepens: Manufacturing activity CONTRACTS It raised the deficit forecast for the year to 2.6 percent of GDP from a previous 2.0 percent estimate. Italy plunged into recession after a second consecutive quarter of decline was recorded for the last three months of 2018. The economy contracted by 0.2 percent in October to December of last year, after… Read full this story
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